On Sun, 09 Dec 2007 17:29:07 -0500, HK wrote:

John H. wrote:
On Sun, 09 Dec 2007 22:04:30 GMT, Short Wave Sportfishing
wrote:

On Sun, 9 Dec 2007 15:41:26 -0500, "Eisboch" wrote:

"Short Wave Sportfishing" wrote in message
...

Look into it sometime and see what havoc the sub-prime market is
having on smaller Eurpoean countries.

It's scary.
You just made an extremely good point, Tom.

The current housing/credit crisis is not a USA specific issue or problem.
It's world-wide.
I just read an article about a small town in Norway that is into CDOs
structured on sub-prime debt and they don't have enough money to fund
their social retirement system and local government.

The Dutch, who have a 63% income tax, are also having some
dislocations due to CDOs. The viability of their social system is
comeing under severe pressure.

The media and spin artists give the impression that it's unique to the
continued downfall of the USA.
I agree.

The Dutch are beginning to see the light regarding their social welfare
system. The problem is that many of the voters are the ones receiving the
welfare. Guess who they continue to vote for. They invited their
immigration problem, and it's burying them.

Nothing like that could ever happen in this country, of course.

This country has been sliding into hell since 1980, and will continue
its journey until it gets there.

You may be correct. We seem to be headed very much in the same direction as
the Dutch. Time will tell.
--
John H